Buy-to-Let Stamp Duty Hacks: The Property Tax Show

[@youtubeman5033]

This was the last nail for me , I was just a couple of days from completion and was given another bill for the additional 2% I’ve decided to retire so I’m not buying anymore houses ,the taxman has had his last stamp duty off me,

[@claresinclair8030]

I was 5 days off completion and had this problem too. Its a big hit for a new landlord.

[@jeffwatts4264]

Ive had buy to lets for 20 years ,in wales ,im now getting out of it , the extra taxes forced on us ,along with, the tenants getting all the laws in their favour has made it too risky now , if they decide not to to pay it can take up to 12 months to get them out , if you want the house back to sell you have to apply to the courts to do that

[@Dilly786]

If you're converting the commercial property to residential dwellings, then you can opt out of the vat on the buying price by submitting a VAT1614D form before exchanging on the property

[@provestor]

Thats correct - this does need to be completed and accepted by the seller in advance of completion so do be careful.

[@aok1550]

It has been 5% in Scotland for a few years now.

[@opentrail]

Thanks for sharing the discussion.

[@provestor]

Any time!

[@amers247]

Good discussion, thanks.

[@davidallton8074]

What proof would HMRC require to satisfy them on SDLT relief?

[@provestor]

You would be required to document factual evidence of the property. For e.g to confirm unhabitable; evidence by way of photos, council tax records etc. You can speak to Sam at Marquess who deals with such claims.

[@khagendrasingaklimbu7910]

Hi Thnx But I don’t understand why is surcharge in place??

[@provestor]

The surcharge has been in place for a while now (previously 3%) it was bought in to deter investors and free up housing for first time buyers.

[@rod85y]

The best hack is to move to Germany, get a job there and buy property there. Mortgage fee offsetting against income is still policy there. There are probably better countries than that too.

[@carlosli7602]

Hong Kong, I think 😂

[@idadixon3165]

People will not going to bye any property.

[@aceofspades5786]

This, S24. Epc upgrades and RRB will reduce new b2l entrants. The good news I guess is an improving market and lower interest rates coming for selling out to Ftb

[@saffkhan4443]

Is it possible to talk to someone from Provestor to decide what is the best options as I want to incorporate my properties and use you as my tax accountants.

[@provestor]

Of course! Head over to the Provestor website - you'll find our contact details there. If you're looking to incorporate, the starting point is to book a bespoke tax consultation call with Nadeem's team - you can do this on the website

[@Newmusicreview]

Hey guys....I need some advice about buying out our Ltd Co BTL partners.... know anyone?

[@provestor]

Hi - contact us and we can refer you to one of our partners who can help.

[@Kilex6522]

Can SDLT/LTT be claimed back from a probate property used for Serviced Accommodation?

[@provestor]

This generally wont be the case as the dwelling needs to be a 'main residence' prior to death to qualify for SDLT relief on probate.

[@pauldavey6433]

Valuations on commercial property is about triple what residential is, also you can’t transfer your commercial property into your SSAS if it’s a commercial with residential above, then if you split the Title you have to sell a lease to a third party & then you end up paying CGT on it. It’s not as great as you are saying.

[@RussellAshworth]

She needs gone, liar ,cheat and fraud

[@pauldavey6433]

You forgot to mention the extortionate rates the Banks charge on Commercial property loans, this outweighs the extra stamp duty.

[@provestor]

Sorry for not making it clearer, but we were discussing commercial to resi conversions. Often the route used here is bridging finance for the purchase and renovation costs, then refinancing as residential units.